»  SCC's Small Business Center   » Career Technologies   Sequoyah Fund Community College Business Contest Since business growth occurs in small businesses in our communities, an important goal of community outreach is the effective use of funds to boost the start-up of local businesses. To achieve this goal, community colleges must promote the spirit of entrepreneurship among students, encouraging these students to become “job creators” as well as “job consumers.”     The Sequoyah Fund Community College Business Contest is designed to encourage and reward financially those students who aspire to start businesses in our seven westernmost counties of North Carolina (Haywood, Jackson, Swain, Macon, Clay, Cherokee, Graham) and the Qualla Boundary.   The purpose of this competition is to further the creation of jobs through the development and start up of small » Press Release - Sequoyah Fund to Sponsor Business Plan Contest » Pre-Application for Contest Entry Due January 15, 2010 businesses. The Sequoyah Fund Community College Business Contest will award up to $10,000 for the winning business, based on need demonstrated in their business plan, and indication they are in the process of starting a new business in Western North Carolina within 12 months the date of the award. Since research indicates that most new business failures result from a lack planning, a written business plan must accompany the application as support for the business idea, product, or service. Cash prizes will be awarded to the applicants who, in the opinion of the judges, demonstrate the business ideas and plans most likely to result in successful new business ventures. RULES OF THE COMPETITION ELIGIBILITY • Applicants must be registered curriculum students at Haywood, Southwestern, or Tri-County Community Colleges at the time of entry. • Proposed ventures must be “new” for-profit business endeavors that will be located within the seven westernmost counties of North Carolina or the Qualla Boundary. • A “new business” is defined as one that will actually start up within 12 months after the award date of May 2010.     REQUIRED INFORMATION Each application must include the following information: • Market research to support the feasibility of the product or service. • Capital startup needs and cash flow projection (24 month minimum). • Management team profile, including experience. • Executive Summary, including product or service description. • Number of individuals projected to be employed. • Timeline for startup. • Plans for use of the cash award. • Marketing plan. • Proposed ownership (legal structure) of the business. • Principal location of business in one of the seven westernmost counties of North Carolina or the Qualla Boundary. • Each application should also be clear, thorough, and neat.     APPLICATION FOR THE CONTEST A pre-application deadline of January 15, 2010, is set for students to declare their intent to submit a full application. Students should declare their intent to participate by contacting the contest coordinator at their college: • Haywood Community College      – Sharron Donnahoe, (828) 627-4512 • • Southwestern Community College      – Thom Brooks, (828) 586-4091, ext. 202 • • Tri-County Community College      – Cecilia Crawford, (828) 835-9564, ext. 203   BUSINESS DEVELOPMENT ADVISING Applicants are required to use one or more of the following resources to assist them in business plan development: • Cherokee Business Development Center: (828) 497-1666 • Community College Small Business Centers: • Haywood (828) 627-4512 • Southwestern ( 828) 586-4091 or 488-6413 • Tri-County (828) 835-9564 • Asheville SCORE: (828) 271-4786 • Small Business Technology Development Center: (828) 227-3459 • Mountain Bizworks: (828) 253-2834 • Smoky Mountain Development Corporation: (828) 452-1967 • Franklin SCORE@ Franklin Area Chamber of Commerce: (828) 524-3161 • REAL training /course –Business Administration Department or Small Business Center at HCC, SCC, or TCC     JUDGING A panel of business professionals will be selected by the Sequoyah Fund to review and evaluate all competition applications. The selection process will include personal interviews with the finalists and an assessment of the likelihood of success of the ventures. Applicants should submit appropriate number of copies of their business plans to correspond with the number of judges.     CASH DISBURSEMENT Since the awards will be used as startup capital, cash prizes will be structured as draws with the winners submitting invoices directly to the Sequoyah Fund for disbursement. Timing and terms of disbursements will be subject to guidelines established by the Sequoyah Fund Selection Committee. Awards can be used as leverage, which the Sequoyah Fund would count as equity if the business requires a loan to round out the start-up funding for the business.     DEADLINES • Pre-applications must be made by January 15, 2010. • Final applications (with business plan) must be submitted by April 2, 2010. • Winner(s) will be announced in May 2010.     » Back to Top of Page   Last updated 9/30/09

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